On Oct. 31, the U.S. Department of Labor released a new fiduciary rule — now dubbed the “retirement security” rule — to redefine “investment advice” under the Employee Retirement Income Security Act.
The White House and the DOL framed the new fiduciary rule as a narrowly tailored regulation necessary to protect consumers in light of changes to the retirement system over the past five decades. However, the new proposal is better viewed as a sweeping regulatory overhaul that would change how much of the retirement services industry interacts with plans, participants and individual retirement account owners.
In this Law360 article, “DOL’s Retirement Security Rule Muddies Definitional Waters,” Michael Kreps, Groom principal and chair of the firm’s Retirement Services group, explored the Department of Labor’s (“DOL”) proposed rule for defining a fiduciary and current opposition to the rule.
To read the article, click here.